Saudi Aramco: Oil giant tops own record with $48.4bn quarterly profit

Saudi oil giant Aramco has broken its own record with a $48.4bn (£29.8bn) profit for the second quarter of 2022.

It is a 90% year-on-year increase and marks the biggest earnings for the world’s largest energy exporter since its public listing three years ago.

Russia’s invasion of Ukraine has seen oil and gas prices skyrocket.

Russia is one of the world’s biggest exporters but Western nations have pledged to curb their dependence on the country for their energy needs.

According to Bloomberg, the Saudi oil giant’s figure represents “the biggest quarterly adjusted profit of any listed company”.

As well as the record profits, the state-owned Saudi energy giant announced it would keep its dividend unchanged at $18.8bn for the third quarter.

The company said it would keep expanding to satisfy demand.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential both to…

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This article was written by and originally published on www.bbc.co.uk